Page Industries Limited, exclusive licensee of Jockey International Inc. USA for the manufacture and distribution of Jockey brand innerwear and leisure wear in India, announced its standalone unaudited financial results for the quarter and half year ended September 30, 2025.
The company demonstrated modest revenue growth while maintaining profitability despite margin pressures from elevated employee costs and operational expenses during the seasonally weak quarter.
For the quarter ended September 30, 2025, Page Industries achieved standalone revenue from operations of ₹1,290.86 crore, registering modest growth of 4% YoY, though declining 2% QoQ. Total income stood at ₹1,310.35 crore, up 4% YoY compared to the previous year.
Profit before tax reached ₹261.07 crore, marginally declining 1% YoY and 3% QoQ. Profit after tax stood at ₹194.76 crore, flat at 0.3% decline YoY and 3% decline QoQ. Basic and diluted earnings per share were ₹174.62 for the quarter compared to ₹175.06 in Q2 FY25, remaining largely stable.
For the half year ended September 30, 2025, standalone revenue from operations reached ₹2,607.42 crore, up 3% from ₹2,523.79 crore in H1 FY25. Total income totalled ₹2,641.72 crore, reflecting 4% growth year on year.
Half-year PBT stood at ₹531.28 crore, growing 10% from ₹484.94 crore previously. PAT came to ₹395.56 crore, up 10% from ₹360.48 crore in H1 FY25. Earnings per share for the half year were ₹354.64, up 10% YoY, demonstrating better H1 performance versus Q2 headwinds.
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Employee benefits expense surged to ₹247.58 crore in Q2 FY26, up 21% YoY from ₹205.26 crore, reflecting wage inflation and expansion-related hiring.
Other expenses increased 14% to ₹246.55 crore from ₹217.25 crore. Cost of raw materials consumed rose 17% to ₹323.18 crore, while purchases of traded goods surged 67% to ₹289.79 crore.
The company benefited from favourable inventory movement with a decrease in finished goods inventory of ₹95.76 crore versus an increase of ₹92.53 crore in Q2 FY25, partially offsetting cost pressures. Finance costs rose 15% to ₹12.51 crore, while depreciation stood at ₹25.43 crore.
The Board declared a 2nd interim dividend of ₹125 per equity share of face value ₹10 each, representing 1,250% dividend for FY 2026. The record date is fixed as November 19, 2025, with payment on or before December 12, 2025. Earlier, the 1st interim dividend of ₹150 per share was declared on August 7, 2025. Total interim dividend declared stands at ₹275 per share for H1 FY26.
Total assets stood at ₹2,785.92 crore as of September 30, 2025, up from ₹2,643.01 crore as at March 31, 2025. Inventories increased to ₹950.33 crore from ₹858.87 crore. Trade receivables declined marginally to ₹187.28 crore from ₹191.61 crore.
Cash and cash equivalents stood at ₹158.90 crore, while bank balances totalled ₹348.25 crore. Total equity reached ₹1,409.08 crore. The company maintains healthy liquidity with net cash generated from operating activities of ₹501.87 crore in H1 FY26 compared to ₹795.02 crore in H1 FY25.
The company is primarily engaged in manufacturing, distribution and marketing of garments. These constitute one reportable business segment in the context of Ind AS 108 on Operating Segments Reporting. Page Industries has no subsidiary, associate or joint venture companies as of September 30, 2025, operating as a pure standalone entity.
On November 13, 2025, Page Industries share price opened at ₹40,970.00 on NSE, above the previous close of ₹40,720.00. During the day, it surged to ₹41,245.00 and dipped to ₹40,215.00. The stock is trading at ₹40,350.00 as of 2:36 PM. The stock was seen trading down by 0.91%.
Over the past week, it has moved up by 1.53%, over the past month, it has declined by 0.30%, and over the past 3 months, it has declined by 7.29%.
Page Industries demonstrated resilient standalone performance in Q2 FY26 with PAT remaining flat at ₹194.76 crore and revenue growing 4% YoY, though facing margin pressures from 21% rise in employee costs and 14% increase in other expenses, offset by favourable inventory movements, while declaring generous 2nd interim dividend of ₹125 per share taking total interim dividend to ₹275 per share for H1 FY26.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Nov 13, 2025, 5:16 PM IST
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